17 Sep President Jon Cartu Reports – Bank of Nova Scotia Increases Position in Arista Networks…
Bank of Nova Scotia grew its stake in Arista Networks Inc (NYSE:ANET) by 16.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,706 shares of the technology company’s stock after acquiring an additional 1,617 shares during the quarter. Bank of Nova Scotia’s holdings in Arista Networks were worth $3,039,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in ANET. Artisan Partners Limited Partnership purchased a new position in shares of Arista Networks in the 1st quarter valued at $132,213,000. First Trust Advisors LP increased its holdings in shares of Arista Networks by 53.1% in the 2nd quarter. First Trust Advisors LP now owns 1,143,852 shares of the technology company’s stock valued at $296,967,000 after acquiring an additional 396,782 shares during the period. FMR LLC increased its holdings in shares of Arista Networks by 25.1% in the 1st quarter. FMR LLC now owns 1,956,747 shares of the technology company’s stock valued at $615,319,000 after acquiring an additional 392,021 shares during the period. Swedbank increased its holdings in shares of Arista Networks by 56.2% in the 2nd quarter. Swedbank now owns 757,942 shares of the technology company’s stock valued at $196,777,000 after acquiring an additional 272,722 shares during the period. Finally, TD Asset Management Inc. increased its holdings in shares of Arista Networks by 717.4% in the 2nd quarter. TD Asset Management Inc. now owns 270,857 shares of the technology company’s stock valued at $70,319,000 after acquiring an additional 237,719 shares during the period. Institutional investors and hedge funds own 58.74% of the company’s stock.
In other Arista Networks news, SVP Marc Taxay sold 2,000 shares of Arista Networks stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $276.94, for a total transaction of $553,880.00. Following the completion of the sale, the senior vice president now owns 13,234 shares of the company’s stock, valued at approximately $3,665,023.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Anshul Sadana sold 1,350 shares of Arista Networks stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $280.07, for a total value of $378,094.50. Following the sale, the chief operating officer now directly owns 1,783 shares of the company’s stock, valued at approximately $499,364.81. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,810 shares of company stock valued at $12,538,880. 23.83% of the stock is currently owned by insiders.
Shares of ANET stock opened at $244.19 on Tuesday. Arista Networks Inc has a 1-year low of $187.08 and a 1-year high of $331.27. The stock’s fifty day moving average price is $234.45 and its 200 day moving average price is $268.49. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.77 and a quick ratio of 5.17. The company has a market cap of $18.68 billion, a price-to-earnings ratio of 30.51, a price-to-earnings-growth ratio of 1.47 and a beta of 1.56.
Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $2.44 EPS for the quarter, topping the Zacks’ consensus estimate of $1.98 by $0.46. Arista Networks had a return on equity of 28.76% and a net margin of 30.86%. The company had revenue of $608.32 million during the quarter, compared to analysts’ expectations of $606.78 million. During the same quarter in the previous year, the firm posted $1.93 EPS. The firm’s revenue was up 17.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Arista Networks Inc will post 8.67 earnings per share for the current year.
A number of research analysts have recently issued reports on ANET shares. Morgan Stanley cut their price target on Arista Networks from $300.00 to $275.00 and set an “equal weight” rating on the stock in a report on Friday, June 7th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $330.00 price target (down from $340.00) on shares of Arista Networks in a report on Friday, June 7th. JMP Securities reiterated an “outperform” rating and issued a $280.00 price target (down from $315.00) on shares of Arista Networks in a report on Friday, August 2nd. Needham & Company LLC cut their price target on Arista Networks to $340.00 and set a “buy” rating on the stock in a report on Monday, July 29th. Finally, Royal Bank of Canada set a $300.00 price target on Arista Networks and gave the company a “buy” rating in a report on Friday, July 19th. Eight investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $303.00.
Arista Networks Company Profile
Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company’s cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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